Paymentology Backs Mukuru Account and Card in South Africa

In Short

Paymentology is expanding its partnership with Mukuru as Mukuru launches the Mukuru Account and Card in South Africa.

The Mastercard-enabled offering is provided in partnership with Bank Zero, which acts as the licensed sponsor bank.

What Happened: How Mukuru Bundles Daily Banking With Transfers

Paymentology said the launch marks Mukuru’s next step beyond remittances, bringing everyday financial services together with its cross-border money movement services.

Paymentology’s issuing and processing platform supports the new proposition. Issuing and processing is the behind-the-scenes card and payments infrastructure that makes transactions work.

Through the Mukuru Account and Card, customers can receive salaries and other EFT payments, make payments to South African bank accounts, shop online and in-store, withdraw cash, and continue to send money across borders. EFT stands for electronic funds transfer, which is a standard bank transfer.

Paymentology said it has previously supported Mukuru’s prepaid card programme in South Africa. It said this helped Mukuru extend digital financial services to customers who have traditionally relied heavily on cash.

Paymentology said the new Account and Card expands what customers can do. It said around 500,000 Mukuru customers already hold a prepaid card, and existing customers can move onto the new proposition. Paymentology said the new proposition includes broader functionality and increased monthly spending limits, EFTs, and immediate payments to South African banks.

Why It Matters: Bank Zero And Paymentology’s Partnership Model

Paymentology said the launch also shows the opportunity created through its partnership with Bank Zero. It said it became Bank Zero’s first alliance partner earlier this year.

Paymentology said the model combines Bank Zero’s digital banking capabilities and local market expertise with Paymentology’s card issuing and processing technology. It said this helps businesses such as Mukuru bring tailored financial propositions to market without building the underlying banking and payments capabilities themselves.

Mukuru said it has more than 320,000 locations across Africa offering its services or cash-in and cash-out capabilities.

Kesheni Moodley, Regional Director for Africa at Paymentology, said, “This latest launch is particularly exciting because it brings together two important parts of people’s financial lives: how they manage money day to day and how they support family and communities across borders.”

Andy Jury, CEO of Mukuru, said, “Our customers have trusted us for more than 20 years to help them move money across borders, and we now have the opportunity to support much more of their everyday financial lives.”